Summary

Whatever you do, DO NOT add philanthropic planning to your practice. After all, 31% of HNW respondents, said they would switch advisors if they could find someone who they could talk with about philanthropy. Look how crowded your office would be. And, there goes Friday afternoons on the golf course. Who needs the headaches?

If you ignore #1 above, whatever you do, don’t be the one to bring it up. Wait for them. After all, it’s very personal and you don’t want to go THERE.

If they finally do bring it up, make sure you have a solution or two as your “go to” answer. Get the darn transaction out of the way and move on. Fast.

If you just can’t stand it anymore, wait ‘til you know how much money they have and, if there’s enough, give them the solution that produces the most tax savings and leaves just the crumbs to charity. You have to wait ‘til you really get a feel for their dough, though.

Make sure they know it’s all about saving taxes. HNW families hate taxes. Anything you show them has to save a bunch of tax or they won’t even consider it. You can figure out who gets the money later. Who cares?

Do not, NEVER, EVER, get the kids involved. After all, it’s the parents’ money and they don’t want the kids to know just how much there is. So what if they always fly First Class and stay at the Peninsula, that’s different. It’s a treat. It’s vacation. So, there’s someone who cleans the house and a company of guys who takes care of the lawn and gardening. Everyone has that, right? Anyway, they worked hard for this stuff and they didn’t get rich by their parents teaching them to give it away. Someone in the family surely lived through The Great Depression. Seriously.

Remember, the only thing they care about is their pile of money and making it bigger. And, then getting it to the kids and praying it won’t mess them up (more). The only cause they possibly care about is the first church of me, me, me.

If you volunteer for something, like at an animal shelter or a food pantry, WHATEVER YOU DO, DON’T TALK ABOUT IT. They’ll just think you’re some kind of do-gooder.

Do not go to conferences, break-out sessions or local meetings that talk about charitable planning. It’s way complicated and nobody uses much of it anyway. There’s plenty of really good online information that can help you through the hard spots. After all, if it’s on the internet, it’s got to be right. Ignorance is bliss.

If, for some unforeseen reason, your HNW client decides to do something charitable make sure the attorney they use doesn’t charge much. After all, the IRS has forms and it’s mostly “fill in the blanks” work. They’ll like that you saved them money. If you’re an attorney, you don’t need help even if you’ve never done this before. After all, the IRS has free documents and all you need to do is fill in the blanks. Am I getting redundant?